“There is a strong imperative for existing industry to become more innovative, and yet most of our industry organisations remain poor innovators. We also want our start-ups to be successful, but numbers are grim with a 90% failure, half of which fail because they don’t have a market for their products and services.
A start-up is an idea or IP searching for a viable business model. An existing industry organisation, on the other hand, is a business looking for ways to stop being commoditised and irrelevant.
Start-ups and existing industry have complementary desires in order to succeed. We need to find novel ways in which they can find each other. This idea is to establish an innovation industry mechanism (digital platform) where our existing industry organisations can specify needs and challenges and where start-ups, universities and other research organisations can use sophisticated methods to quickly link their technology, IP, business models and knowhow to improve innovation impact on both sides.
”